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DEFINED BENEFIT

PGL Pension Scheme transfers longevity swap with Phoenix Life

PGL Pension Scheme, Birmingham, England, completed a £1.2 billion ($1.5 billion) buy-in with Phoenix Life, said its consultant, Aon Hewitt.

The deal follows a £900 million longevity swap in 2014, also with Phoenix Life. The trustee of the pension fund, whose sponsoring employer Phoenix Group owns Phoenix Life, has now transferred the longevity swap for the buy-in, completing the transaction in December last year.

"Bringing so many elements of the scheme together in this way was a particularly rewarding experience. Reaching this point was only possible due to the hard work and belief from the trustee and employer, combined with strong stewardship of the scheme," Dominic Grimley, risk settlement adviser at Aon Hewitt, said in a news release.

Aon added that the risk transfer framework is designed to steadily improve the plan's financial position through measured risk taking. The plan had £2.2 billion in assets as of June 30.

A spokesman for the plan’s trustee was not available to comment by press time.